PRIVATISATION PROCESS OF MEGA UNITS UNDERWAY ON FAST TRACK BASIS -NO DEADLINE CAN BE GIVEN-Senator Waqar Ahmed Khan Federal Minister for Privatisation
 

Islamabad, January 19, 2010

The privatisation process of mega units is underway on fast track basis to make them attractive prior to their privatisation; therefore, presently no deadline can be given. Senator Waqar Ahmed Khan Federal Minister for Privatisation said while talking to media representatives after chairing high-level separate meetings of Sui Northern Gas Pipeline (SNGPL), Sui Southern Gas Company (SSGC) and Pakistan Mineral Development Corporation (PMDC) at Lahore today.

Prior to the privatisation of 80 State Owned Entities (SOEs) their financial remodeling would be conducted to double their assets and balance sheets and to improve their management structure for making them attractive for multinational companies for taking part in their privatisation process, he said.

The Minister said that the propose of today’s meetings was to consider strategy for improving the financial matters and conditions of these entities. These units would be first made financially stronger and then they would be offered for privatisation, he added.

Senator Waqar Ahmed Khan further stated that not even a single employee would be retrenched as a result of privatisation of SoEs, “the government who is making the employees owners of their respective entities under Benazir Employees Stock Option Scheme (BESOS) how it can even think to make them jobless”. The present government was the true representative government of the people and to work for the peoples welfare was our prime objective, he said.

He further said that the interests of the employees of units being privatised would be fully safeguarded. Replying to a question the Minister said that to meet with the energy demands work was in progress on alternate resources. It was the endeavor of the President Asif Ali Zardari and the Prime Minister Yusuf Raza Gilani to make Pakistan self sufficient in energy requirements and also to reduce the prices. Mr. Rashid Loan, MD, SNGPL, Mr. Azeem Siddiqi, MD, SSGC and Brig; Khalid Mehmood Khokhar also participated in the meeting.